Refers to a small, often lighthearted source of enjoyment or a pleasant diversion. Commonly used in phrases like 一興を添える (add a touch of fun) or これも一興 (this is also a kind of fun).
Compound of 一 (one, a) and 興 (interest, entertainment). The exact historical derivation is uncertain, but the word has been used to mean 'a bit of fun' or 'a pleasant pastime' since at least the Edo period.